MGE ENERGY INC

MGE Energy, Inc. (Nasdaq: MGE) operates as a regulated utility holding company serving customers across Wisconsin through its principal subsidiary Madison Gas and Electric Company. The company maintains its website at mgeenergy.com, with MGE's operations accessible at mge.com.

MGE Energy operates through five primary business segments: regulated electric utility operations, regulated gas utility operations, nonregulated energy operations, transmission investments, and other ventures. The regulated utility operations represent the majority of the company's assets, liabilities, revenues, and operations. Electric operations accounted for approximately 72 percent of MGE's total regulated revenues in 2025, while gas operations comprised 28 percent.

The electric utility segment distributes electricity across a 264 square-mile service area in Dane County, Wisconsin, serving approximately 170,000 customers as of December 31, 2025, with roughly 91 percent concentrated in the cities of Fitchburg, Madison, Middleton, and Monona. The gas utility segment transports and distributes natural gas across 1,722 square miles in seven south-central Wisconsin counties, serving approximately 180,000 customers across multiple municipalities and townships.

MGE Energy's nonregulated energy operations include ownership interests in the Elm Road Units, coal-fired generating facilities in Oak Creek, Wisconsin, and the West Campus Cogeneration Facility located on the University of Wisconsin-Madison campus. The company also maintains transmission investments through its ownership stake in American Transmission Company LLC, holding a 3.6 percent interest as of December 31, 2025, and a 4.4 percent interest in ATC Holdco LLC for out-of-state transmission development.

As of December 31, 2025, MGE Energy employed 726 people, with 318 covered by collective bargaining agreements. The company is classified as an accelerated filer with the Securities and Exchange Commission. MGE Energy is subject to regulation by the Public Service Commission of Wisconsin and the Federal Energy Regulatory Commission, operating within a framework designed to ensure reliable, affordable energy service while supporting environmental sustainability goals, including a net-zero carbon electricity target by 2050.